Gabriel has said of the song's meaning, "It's about being prepared to lose what you have for what you might get... It's about letting go." Former bandmate Tony Banks acknowledges that the song reflects Gabriel's decision to break ties with Genesis, but it can be also applied in a broader sense.
In 2003 the song was also covered by British synthpop duo Erasure for their cover versions album Other People's Songs and released as a single in the UK on 6 January 2003 and in the US on 14 January 2003. The single reached # 10 on the UK chart in January 2003. The track was chosen for the album by Erasure member Vince Clarke. Clarke and singer Andy Bell turned the song into a mid-tempo electronic dance tune, displaying the signature Erasure sound. The only major change made to the structure of the song was the modification of the 7/4 time signature to a more basic 4/4—except for the chorus, which slips back into 7/4 time for one line.
Scala & Kolacny Brothers covered the song on their Circle album in 2010, keeping the standard time signature, but performing with only a piano accompanied by an all female choir, adding the track to their growing list of rock covers.